Binance: The Scare is Over

Binance Upgrade? Hacked?

For crypto enthusiasts when an exchange goes down for periodic maintenance it is not a big deal. However, when that update is extended for days, fear creeps in because crypto traders are all to familiar with exchanges being hacked and their coins lost for good.

A few days ago Binance made this announcement:

"System will be in maintenance during 9:00-10:00 AM (HongKong Time)

Thanks for your support!

Binance Team"

Which is standard protocol; informing their users and customers of the inability to make trades or transfer coins from their wallets. But than that "upgrade" was extended and this was announced a day later:

"We are currently using 3 different methods of data recovery. The fastest method will take approximately 1-2 hours, the slowest will take 9 hours. We will notify you if we complete the upgrade ahead of schedule. In the 30 minutes prior to the commencement of trading, users will be able to log-in, deposit, withdraw, cancel orders and use all other account related functions.

We sincerely apologize for any inconvenience caused and thank you for your patience.

We will continue to post regular updates throughout the upgrade.

Thank you for your support.

Binance Team"

This caused rumors to spread and investors feared they had lost their coins.

Binance: System Upgrade Complete

This morning Binance announced:

Binance has completed its system upgrade and we expect all trading activity to resume at 10:00 AM (UTC).

In the 60 minutes prior to the commencement of trading, users will be able to cancel orders, process deposits, withdrawals, and use all other account related functions.

To show our gratitude for your unwavering support throughout the upgrade process, Binance will provide all users with a 70% discount on trading fees (0.03% on all trades, 0.015% with BNB) until 2018/02/24 00:00 AM (UTC).

We sincerely apologize for the inconvenience and your patience is greatly appreciated.

Thank you for your continued support.

Binance Team"

Phew!

A sigh of relief was heard throughout the Crypto World!

Binance is doing right by their customers by offering a 70% discount on trading fees until February 24, 2018.

However, users may still experience some issues, despite the claimed upgrade completion. Zhao added in a tweet that customers trying to access Binance.com may still face problems, because the website's cloud provider was under DDoS attack. While the issue was being resolved, he said, lingering problems could still exist.

 

Happy Trading!

 

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